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A Community Interest Company (CIC) has bought the former arts college from Loughborough University and will be providing workspaces for local creative businesses, with the first tenants expected to move there in January.

The CIC is also drawing up detailed plans and applying for further funding which it hopes will allow them to create a multi-media arts venue for live performances and exhibitions. This would also provide a permanent home for community arts organisation Charnwood Arts. Proposals for the new venue have been included in the Council's £32m bid for Government cash to transform parts of the town.